Toyota Consumer Lexus

Toyota Consumer Lexus

Toyota Consumer Lexus

Application of Consumer Behavior concepts in Toyota Lexus

Abstract

The research paper discusses about the luxury brand of Toyota Motor Inc., Toyota Lexus. Its main objective is to study the application of consumer behavior concepts in the analysis of target market and brand marketing for the given product. Initially the paper provides a brief overview & background of the organization, product as well as the brand.

Subsequently, it identifies the relevant theory/concepts of consumer behavior which are applicable on the product. In addition, the paper researches upon the significance of these concepts for the organization and the strategic benefits gained through them. The paper will incorporate information, facts and figures from reliable sources and thus ensure the authenticity of the research.

Overview of the Organization

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Toyota Motor Inc.-Toyota Motor Corporation is the second largest producer of automobiles in the world. It has its headquarters in Japan and is present in a large number of countries around the world. This multinational company was established by Kiichiro Toyoda in 1937. It was formed as a result of a spin-off from a company known as Toyota Industries which was owned by his father.

At present, the company leads a group composed of 522 subsidiaries. The carmaker is primarily engaged in the design, manufacture, assembly and sale of passenger cars in addition to recreational & sport-utility vehicles, minivans & trucks and related parts & accessories.

The basic philosophy of the management at Toyota has continued from the time of the company's genesis and is clearly demonstrated in the terms used such as "Lean Manufacturing" and Just In Time Production. These terms and practices have been central in the journey of the company till date.

In fundamental terms, Toyota's philosophy is based on four major components. These include: a) basing the decisions taken by the management on long-term thinking, b) development of an approach for problem-solving, c) value addition to the organization through the development of all the resources and especially the people, and d) keeping in mind that the process of organizational learning is driven by solving the fundamental problems on a primary basis.

Toyota has also ventured in to other fields of business like financial services and production of robots in addition to its automobile production operations. The company, in combination with its parent group-Toyota Industries, forms one of the biggest conglomerates of the world. It also has the honor of being the only automobile producer appearing in the top10 BrandZ name recognition ranking.

The premier brands owned by the company include Toyota, Lexus and Scion. It has a majority shareholding in Daihatsu Motors and has a minor share in Fuji Heavy Industries, Isuzu Motors, and the engine, motorcycle and marine craft manufacturer Yamaha Motors. The values adopted by the company's management have been developed by its founders and have played a significant role in its success. These values have emphasized the importance of terms like, "Lean Manufacturing" and Just in Time Production (JIT).

At present, this carmaker has factories as well as manufacturing plants all over the world. These centers are constantly engaged in the processes of manufacturing or assembling vehicles for satisfying the increasing demands of the local customers. The company has manufacturing or assembly plants in Japan, China, Australia, India, Canada, Indonesia, Poland, South Africa, Turkey, the United Kingdom, the United States, France and Brazil.

On the basis of the phenomenal growth registered in the past few decades, Toyota has recently entered into countries like Pakistan, Czech Republic, Malaysia, Thailand, Vietnam, Argentina, Venezuela, Mexico, the Philippines and Russia.

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Overview of the Product

Luxury Car- This refers to a division of vehicles which provide luxury and attract the upper segment of the customers. The vehicles in this category usually possess modern equipments, high levels of comfort, performance and technological innovation. In general, these vehicles represent high brand image and offer a combination of features desired by the customers.

A luxury vehicle is a relatively exclusive vehicle that includes additional features designed to amplify the comfort of the driver and passengers. Luxury cars are a different form of automotive breed; they're less about requirements and